Failed bank, FDIC sue UPS unit

Discussion in 'The Latest UPS Headlines' started by cheryl, Jul 27, 2009.

  1. cheryl

    cheryl I started this. Staff Member

    Failed bank, FDIC sue UPS unit - Dallas Business Journal

    Less than two weeks before it failed, Millennium State Bank of Texas sued a small-business lending unit of United Parcel Service, claiming UPS duped the bank into making bad loans and knew about kickbacks to a bank executive.

    The three loans totaling about $10.7 million wouldn’t make or break the failing institution, but it provides a glimpse into how something beyond a sour economy and bad loans may have contributed to the small bank’s demise.